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, a world economy in turmoil. derail america's economic comeback. christine romans has answers. "your money" starts right now. >>> another week of volatility in the markets. the reason, we global unrest and uncertainty about the fed's role in propping up the economy. i'm christine romans, this is your money. from space, earth appears peaceful. take a closer look. while signs point a u.s. economy ready to take off, the rest of the world is struggling to take flight. riots in turkey. slowing growth in china. unrest over harsh cuts in greece. from extreme greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline on the dow this year. >> i would give our economy a b to b plus. >> the other guy getting a d is dragging us down. >> why might you not be feeling optimistic? housing prices on the rise. less unemployment numbers. but will the u.s. be dragged down by a world economy in turmoil. >>> want to bring in keith, ceo of risk management and michelle myers, from bank of america. let me start with you, keith. yo
and breaking the news, the stories behind the headlines. if the economy is getting better, why did wall street have the worst day of the year and the walls, exclusive the man that co-founded apple with steve jobs, his interview tonight on a segway, a machine that nearly killed me once. we'll get around to talking about why. i want him to talk about the new upcoming jobs movie. >> nobody wants to buy a computer, nobody. >> how did somebody know what they want if they have never even seen it? >> also, government snooping taking us back to the days of the cold war soviet union. >> i want to begin on the tragic death of james gandolfini yesterday. we're learning more about the moments of his family found him in his hotel room last night. dan is live in rome with more. dan, what is the latest? >> reporter: well, we've been piecing together the tragic final minutes of james gandolfini's life. we know that he arrived at the hospital at 10:40 p.m. having been rushed in found collapsed in his hotel room in a five-star hotel here in central rome. we know he was traveling with his 13-year-old son. there
university, about the state of the u.s. economy. later in the program we will be joined by a matthew segal. he will be here to talk about issues important to young americans. you are watching "washington journal." we will be right back. ♪ >> when you talk about transparency to the american public, there is -- you are going to give up something. you are going to be giving signals to our adversaries as to what our capabilities are. the more specific you get about the program, the more specific about the oversight, the more specific you get about the capabilities and successes, to that extent you have people sitting around saying, "ok, now i understand what it can be done with our numbers in yemen and in the united states and consequently i am going to find another way to communicate." there is a price to be paid for that transparency. where that line is drawn, in terms of identifying what our capabilities are, is out of our hands. if you tell us to do it one way we will do it that way. there is a price to be paid for transparency. >> robert muller makes his last scheduled appearance before
at discussing world trade and what to do about the ailing economy, the two-year war in syria is expected to dominate. susan mcginnis is in washington. susan, good morning. >> good morning, anne-marie. security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is in northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks following president obama's move to ship weapons to rebels fighters. >> there are very big differences between the analysis of what happened in syria and who is to blame. >> russia is noun to have given weapons. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to supply with weapons? >> president obama and pr putin are expected to hold private conversation this afternoon. the conversation comes after a new report r
economy the war in syria is about to dominate. >>> security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is on his way to northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks. >> there are very being differences between the analysis of what happened in syria and who is to blame. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to give weapon ons. >>> the conversation comes after a new report reveals the u.s. and uk spied on ryu shorthand others at another summit. the "guardian" newspaper says it has evidence that they spired on the london summit of 2009 hacking into smartphones and reading e-mails. the source? edward snowden. >> how much damage he did do? the fact is that time will tell. >> on cbs's "face the nation," ch
, but they are not focusing on the right thing which is growth, growth, growth. the european economy is in a six-quarter double dip recession. the u.s. is sub par. japan is trying to reignite, and i'm especially critical of european monetary policy which is way too tight. and speaking of monetary policy, our markets are more obsessed with it than ever. strong stock buys this afternoon, based on just one reporter from "the financial times" and his ill-advised, uninformed conjecture about what the fed would do, and then when that same reporter tweeted everybody that he really had no idea what he was talking about, well, stocks regained most of their losses. crazy story. an nsa leaker edward snowden points his finger straight at the big tech companies. they said they should resist the government's demand for user information. wrong. they should abide by all our laws, especially national security laws. all those stories and much more coming up on "the kudlow report" beginning right now. >>> let's start right away with cnbc's michelle caruso-cabrera. she is covering the g-8 summit. michelle, good eve
, thank you. >> a little background on brazil. it's one of the world's largest economies coming in as number six. it was ninth in gross domestic product, it's expected to grow a 4.2%. inflation is up at 6.7% for the past year. rising rate fueling concerns there may be a another round of interest rate hikes. poverty rate stands at 21.4% with more than 41 million people considered poor. we will continue to follow the unrest in brazil. coming up later this hour, rick grenell the spokesperson for the last four ambassadors to the u.n. he will join us live. >> gregg: immigration reform is debates the turn in spotlight. next week on capitol hill, but can u.s. scenarios behind the bill actually gin up enough support for its passage. elizabeth plann has the story live from d.c. bureau. >> the immigration reform bill starting to take shape in the senate while republicans in the house continue to form what they think is a solution. just as the president says it's a pathway to provide citizenship for folks that wanted to come here and stay here legally while bringing relief to a struggling
would scale back the stimulus program which has helped fuel the stock market church. >> if the economy is able to stay in a reasonable cruising speed we'll ease the pressure on the accelerator by gradually reducing the list of purchases. >> it's a luxury problem to have when they say they don't need stimulus anymore. >> a slowdown in china's economy also has investors worried that chinese consumers won't be able to buy as many american goods, but analyst ben willis sees an opportunity in the falling stock prices. >> you should be buying your equities in the same way you're going to the supermarket and buying things on sale. >> the scaled back stimulus is pushed mortgage rates up, but that's not necessarily bad news for the housing market. >> a lot of people have been on the side looichbs waiting for whatever reason but they've decided rather than wait for the rates to gown further, they're going to get back in the marketing. >> it will be scaled back gradually only if the economy continues to gain speed and the job market improves. >>> let's talk more about the markets with lauren lyst
or follow me on twitt. all right. next on "money," no matter how the economy's doing, apparently you can always bet on a sandwich. a huge expansion in the face of obamacare and stiff competition. the ceo joins us explain how. but should executives be allowed toump their comny stock? bread before i ceo steps down. details on a growing controversy the chairman, t is all the work of thetreet. this is a good one. piles of "money" coming up. ♪ melissa: this is one of the issues that we talke about on our shw. jobs in the economy. we know that it has been given how close e last few years. one company has been given 800 new jobs just this honor. i am wondering the same thing. how is this? let me welcome the c of firehouse. bob, you have cations in 35 states. but still, 800just this summer is a lot 2400 workers in 2013 hae said that you have done a lot of expanding even though the economy has not grown up fast. >> yes, americans have an insatiable appetite for great food. while the restaurant business is very competitive, they ar continuing to grow in this environment. we have the second high
, given the fact that we are becoming energies efficient with fracking? our economy is growing, the dow is up today 161 points, can we ignore the world events and continue to go on with the kind of relationships we used to need? >> no. i think it is more important that america become a player. we still have so many other issues. as the world is getting smaller, america must exert their influence in ways that were unforeseen 20 or 30 years ago. we have to be engaged. if we take an internal role of we are not needed as we were, i think that we do it at our peril. lori: a lot of economists are very concerned about this currency war that is underway. you have countries at the g8 representing $7 trillion in global economic wealth. do you think that that topic will come up? how do you realistically have a discussion about a trade deal if you do not talk about what is really going on. >> there is no question about it. if we will have a trade agreement, it has to be free, it has to be fair, and it has to be equitable to all parties. if one party has an upper hand, it is honored as a breach. com
it is going to go higher? >> dramatically over forecasting the economy. fourteen years, the last one ended and there's never been 14 years like that. we are going to have wage growth of 5.3% a year. so if you adjust real world super economics, you're looking at this. neil: sometimes you cannot not so sober and surprises. like 14 years ago you could have argued this. you could have pleasant surprises. neil: what you think about this? only bring you an internet boom? >> well, edge was a technological development and a great thing. neil: we are not always sold by3 this. >> the fed clearly is. we have a decade packed with zero interest rates and we are not always intervening in this way. >> well, they ought to stop right now. but the market is totally hooked on this monetary heroism. then they will begin to taper back or reduce the 85 billion. neil: so they should resist the hissy fit and moveon? >> yes, that is what they have been unwilling to do ever since greenspan punted in 1998 at the long-term capital time. time after time they have been doing the same thing. neil: how much higher do you
to america's biggest corporate secrets and that's something that could be damaging to the american economy. >> well, it can. i mean, we are seeing a dramatic shift of intellectual property from west to east. what people tend not to understand is that businesses and governments create store and transmit information on the same porous internet that you and i use in our personal relations. secrecy from privacy are pretty much the same thing but they are just asserted by different actors, and you and i assert a private interest, and your government and employment is secret interests, and it's somebody asserting the right and the ability to keep somebody else from knowing something. and since we are all transmitting and working on the incredibly porous networks where identities are easy to spoof, both privacy and secrecy are heading south rapidly. >> i want to look at some of the sectors under attack. manufacturing top the list at 24%, and government, half that share, and then these are top industries attacked in 2012. how does this affect the economy in the long run? >> let's take something li
was energy secretary, the economy got smaller. it shrank month after month after month. under this government, we have seen 1.20 5 million -- 1.25 million private sector jobs. of course, living standards are under pressure. that is why we are freezing the count. >> excessive noise in the chamber. members should not shout at the prime minister any more than they should shout at the members of the opposition. let the answers be heard. >> there are 1.25 million more private sector jobs and that is a good record. >> no answer on the living standards crisis that is facing families up and down the country. it is no wonder what his side are saying about him. this is what the honorable member wrote about him, "it is like being in an airplane. the pilot does not know how to land it. we can either do something about it or sit back, watch the in- flight movies, and wait for the inevitable." i could not put it better myself about this prime minister. the reality is this. day in and day out, what people need, just calm down, day in, the crimson tide is back, day in and day out, what people see is prices r
's exactly what wall street feared when the chairman of the federal reserve said that the economy had improved enough for the fed to ease back on one of its stimulus programs. the dow lost 559 points in the two days after that announcement. it stabilized today, gaining 41 points. it's not just the stock market. anthony mason tells us higher interest rates are also affecting the housing market. >> one of the things i love about this house most is the kitchen. >> reporter: in dumont, new jersey, 30-year-old jeremy mcdonald decided he couldn't wait any longer to jump into the housing market. >> and now, you know, that the prices are starting to trickle up a little bit, it's a good time to get in there because i know the market is not going down anywhere. >> reporter: realtor kelly weber said in the past few months it's suddenly become a sellers' market. >> they're starting to get over asking prices. >> reporter: weber says two forces are combining to drive up prices. >> inventory is low and you have buyers wanting to get in before the rates start creeping further up which is creating thi
" on sunday. >> >> we want to do our own congressional summit on immigration, the economy, spying. we've got terrific four some to talk about this, as well as to really examine the president's standing right now politically with some of these issues. and we'll do that with our round table. >> thank you very much. we'll be watching. >> okay. >> and senate approval of a broad overhaul of the nation's immigration system could get a boost to spend billions on border patrol. but while it is raising hopes for republican support, there is strong opposition to it. >> if it were actually needed and work, i would help deal with that. but i don't -- i have my doubts that this is the best way to spend our money. i think this was a political response to a failing piece of legislation, a dramatic, desperate attempt to pass a dramatic piece of amendment so they can say it does everything you want and more. so we'll see. hopefully it does improve the border. but again, the border is just one part of the overall failure of our immigration system. >>> and joining me now is nbc news capitol hill correspondent,
people have looked at the economy and said, wait a minute, we're not nearly to the point where the fed can take its foot off the gas. but if you look at their forecast for not only this year, but even moving forward, they are a little bit ahead of where consensus is and that's key to what they. >> 2.6. i want to see loan growth. you don't have new splurge in housing, obviously, because the people are kind of caught up by the rates. but, yes, the stocks that acted well last week, i used again mills and bristol meyers, imminent recession in 8 to 12 months. they bottomed. you don't want to see that. in other words, this is the fed step as way and people believe that there's nothing there. i'd like to think the fed stays in, until we get more than one month of good loan growth. >> to that point, you are talking about my multiple stocks there. they had something to be taken out of them given what were, what multiples -- >> 18, 20. >> higher than some of the peers in the biotechnology sphere which is hard to believe because they're going at a good rate faster. >> i don't want to get caught i
a facebook page now. so, you know, the world has really changed, and our energy economy has similarly changed. if you go back again to that time ten years ago, oil production, of course, continued to fall in the united states, imports increasing dramatically. top business leaders and thinkers from lee raymond to alan greenspan be projected an enormous natural gas shortfall and, in fact, there were lots of investments for lng imports. today we talk about blend w5u8 problems. pv, distributed pv, $10 a watt. today we're talking about incredibly reduced costs. wind power up by a factor of 15 in that time period. so there really has been tremendous change, in fact, even in the four years since president obama took office we've seen this. most especially, of course, we all know how unconventional gas and oil have been a game changer in this, in this country. we often think of the energy industry, the energy system as one of incredible inertia and very hard and resistant to change. and there are some, there is some truth in that, and there are some good reasons. capital intensity, all kinds of issue
americans feel the economy is starting to recover and their perceptions about the economy is starting to go up. usually the president rides those numbers up. there may be an erosion of attributes that may cause some irreparable harm for his second term agenda. that's what i'd be very worried about. >> we should also say congress have having incredibly poor approval ratings as well. when we said that to the white house, they said, well, congress is barely out of single digits. and that's true. if you worked at the white house now, would you be worried? >> i also like to look at trend lines but i don't see any reason for concern here. if you look a little deeper beyond the overall approval and the voter opinions on economy and jobss are he unchanged. he's within the margin of error. there is not that devastating dip that others are trying to portray. >> on the economy and jobs? >> on the economy of jobs. he's within the margin of error and that's the encouragement here, that this isn't some devastating dive that's unrecoverable. i think mark's point about the clump of scandal coverage is cert
on twitter. all right. next on "money," no matter how the economy's doing, apparently you can always bet on a sandwich. a huge expansion in the face of obamacare and stiff competition. the ceo joins us to explain how. but should executives be allowed to dump their company stock? bread before i ceo steps down. details on a growing controversy the chairman, that is all the work of the street. this is a good one. piles of "money" coming up. ♪ ♪ ♪ ♪ [ male anuncer ] if you c't stand the heat, get off the test track. get the mercedes-bz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. going on now at your authorized mercedes-benz dealer. we replaced people with a machineer, what? customers didn't like it. so why do banks do it? hello? hello?! if your banksn't let you talk to a realerson /7, you need hello?y. ally bank. your money needsn ally. melissa: this is one of the issues that we talked about on our show. jobs in the economy. we know that it has been given how close the last few years. one
economies. joining us now is jared bernstein of the center on budget and policy priorities and a former top economist to advice joe biden. is this not a good moment for us to gave thanks that congressman paul ryan has not been in charge of the american economy because if he had been, it would resemble those at the g-8 who have suffered triple dip recessions as a result of applying austerity? >> i think it is a helpful analogy. if you think about the impact of the of kinds of policies, austerity, that paul ryan and many other republicans stand for right now, you can see their economic impact by looking over at europe. back in 2009, when there was a similar summit, a g-209 summit, the president went over there and explained we're applying fiscal stimulus pretty aggressively in our country and many of you should try to do the same. some of them took it up on it and their economies began to improve. then they pivoted to deficit reduction way too early and by the bit off this austerity idea to the point where you can just watch their unemployment rate reverse course and start to go up. now much
on the economy but signaled this in no way means rates will go up. that led to a bit of a swoon in stocks during the session yesterday. the dow gave up more than 100 points. robin harding, who wrote the article, then took to twitter to tell everyone to chill out. he later defended his piece on cnbc's "fast money." >> the fed has a one-week blackout during which it doesn't say anything to anybody. so, people need to react to the content of the story rather than the existence of the story. and what i've seen happening today, and i think we saw it happening last week, too, is the market was reacting as if there's some secret bat signal coded here. >> asked if the article was timed for the greatest market impact, harding says he has nothing to do with that, that "the ft" sends out pieces when they write them. i mentioned mr. draghi as well. he says the ecb is looking at negative to positive rates with an open mind and with all intended consequences, rates becoming more effective. again, another measure we looked at on the considered possibility of having a break on deposit facilities, speaking in je
, promotes growth and creates jobs, investments in infrastructure and innovation, expands our economy and strengthens the middle class and responsibly reduces the deficit. cognizant van hollen has been our leader on budget issues and the -- always promoting a budget as a statement of our national values of fairness, and opportunity, while reducing the deficit. please yield to the distinguished gentleman. >> thank you, leader pelosi. leader pelosi and president obama have in calling for some time now for the house of representatives to get working on legislation that will help boost growth. the economy has been improving but we know it can improve much faster if congress would do its work. two percent economic growth. because of things congress has done, like the sequester, we are slowing down economic growth in the country. the congressional budget office says economic growth this year will be one third less because of the sequester. which is why we have proposed a budget. senate democrats and the president of the united states have proposed budget that would replace the sequester wit
in years? plus, how the dow's plunge could be a good sign for the economy. >>> new overnight. word of a near miss in the skies above new york city. how two jets almost collided in midair. >> the incredible story of a deaf boy hearing for the first time. inside a medical breakthrough. >>> and the miami heat go back to back, repeating as nba champs. >>> but we begin this morning with a look at today's eye opener. your world in 90 seconds. >> people in hedging their bets. >> wall street tries to rebound after a massive sell-off and stocks tumbling. >> yesterday, the dow plunged, its biggest point drop since 2011. >> anxiety mounted over potential of the stimulus reserve to end. >> snowden under investigation. the inspector general race been looking into the company. >> we do believe there may be some problems. >> senate leaders appear to have reached a compromise on immigration reform but the deal is likely to face stiff opposition in the house. >> for peepople concerned about border security, once they see this bill it's almost overkill. >> it's back-to-back
into the economy to prop it up to prevent a depression is going to start drying up. peter kenny is the chief market strategist at knight capital group. i guess the question is two days nearly 4%. makes people afraid. and it should make people afraid t. question is, is this temporary or something that could get worse and worse? >> it's a real wake-up call. i do think this is a short-term trend. given that, we are in a period of volatility since chairman bernanke did mention tapering back in may, which is where we had our highs. >> which means i will stop giving you this free market. >> meaning we have seen the most volatility all year. sideways to lower, the last two days significantly lower. there is probably some work to do on the downside in the near term. this is something that's needed. a pullback is needed. we need to get back to more compelling evaluations in the index stocks generally speaking. so it's not as if this is completely destructive. it's a question of a longer period of trend. >> it's pruning. >> that's a great example. >> when you look at five years ago when this whole, they call
of the eight world -- the eight largest economies in the world, or eight of the nine largest economies in the world if you will. what's interesting here is there's a split. you have the old g-7, the western powers on one side of the syria issue and russia on the other. president obama and the russian leader vladimir putin have their own one on one meeting later this afternoon. it's likely it's going to have a cold war-like tension to it. if you think about what happened between vladimir putin, david cameron, the prime minister of the uk, the meeting they had yesterday, that didn't seem to go so well when the issue of syria came up. it's hard to believe that it's going to go any better when the two presidents of the u.s. and russia meet for what is expected to be a lengthy and perhaps tension-filled bilateral meeting. >> thank you, chuck. >>> one topic sure to come up at the g-8 summit are those newly disclosed nsa surveillance programs. the man at the center of the leak edward snowden still in hiding as officials say he could reveal more top secret documents. former vice president dick
the economy. today rouhani signaled a new more open approach. "we are ready to show more transparency to the world" he said. rouhani is 64 years old, a cleric with a law degree from scotland. he's also known as a bridge builder who was once iran's chief nuclear negotiator. in 2003, he put that program on pause to pave the way for talks with the west. sir richard dalton, back then britain's ambassador to iran, said rouhani could steer the way to talks again. >> provided by the united states and its negotiating partners come forward a little way to meet iran it should be possible to get a first stage confidence building agreement on the nuclear question. >> reporter: asked specifically today about iran's relations with the united states, rouhani said "there's an old wound between the two countries that needs to be healed." jubilant iranians spilled into the streets to celebrate rouhani's win. although they won't know for some time just how much of a reformer he turns out to be. >> pelley: elizabeth palmer is joining us from our london bureau. elizabeth, if this is reform, why is it happ
the president and his counter parts turned their attention to the global economy. >> i'm pleased to join these leaders to announce the launch of negotiations on a new trade agreement. >> the economy is not the only topic at the g8. the civil war in syria is expected to dominate talks, including president obama's meeting with russian president vladimir putin. putin opposes president obama's plan to give military assistance to rebel forces, calling the fighters barbarians. >> are these the people you want to support? are they the ones yo you want to supply with weapons? >> if the meeting between the two countries wasn't icy enough, the white house is facing questions about allegations the u.s. spied on russia leaders at a previous global summit. >> britain's guardian newspaper said the intelligence was found in classified documents edward snowden leaked. the paper says at the 2009 g20 summit in london the u.s. intercepted messages from the last russian president. it's no secret the u.s. and russia spy on each other but now it will make it harder to find common ground. >> the guardian says
ourselves, be able to have that kick start, to come in, into the local economy, and, therefore, make an struinstrumental differ. >> reporter: today is the start of national small business week. treasury secretary jacob lew came by the company. he took a tour of the facility and got a chance to see how critical small businesses are to helping the local economy, especially in our region. >> show other women, show other minorities that you can do well in this business, that there are opportunities, and that if you stick with something and you persevere, that you will be successful. >> the idea of dreaming, of becoming manufacturers, it was a dream that when we would talk about it out loud, everyone around us would just squash it. >> reporter: without the small business loan, this $60 million-plus company never could have flourished without the help of local lenders. >> you have the sba, you have the treasury. you have local community banks who believe in us. >> reporter: there's a lot that encompasses a small business. i was talking to the owners this morning. one thing they were talkin
to back off of this government program that has helped push the economy along and that has sent the markets in a tail spin. he used the word "taper", he's going to taper the program. what does that mean? well, imagine the economy to be like a kid trying to ride a bicycle after a spill, trying to get back on balance. the fed has been helping out to steady and push him along with about $85 billion a month in stimulus. ben bernanke has been looking at numbers saying housing is up almost 7% in may, unemployment 7.6%, not getting better but not getting worse, gdp, 2.6%, all of that he's saying is that all of this that is good enough that the government can start backing off and let the economy stand on its own a little more. i'll be there. if it gets in trouble, i'll step in and save it, it will be okay, there is what we should do. so why are the markets so troubled? partially because they're looking at the same numbers and they are not as confident. their sense is that if you step away from this economy right now and try to let it ride on its own, in fact you could have a lot of wob
reform. it debunks the idea that immigration reform is anything other than a boon to our economy and robs the bill's opponents of one of their last remaining arguments. >>> all right, let's dig down on this and joining me now for more is mark murray. mark, it's good to have you here. we know from the lead figure on the immigration gang of eight has been senator marco rubio, however he's been saying recently the bill needs stronger border security measures. other republicans like senator john cornyn of texas want things like a 100% situational awareness, 90% apprehension on the border. as we look at what senator rubio's motives are now, is he undermining the hard work of the immigration eight by entertaining these amendments or is this just politics as usual? >> thomas, i think it's actually more trying from marco rubio's perspective to strengthen the bill to get more republican support. the gang of eight is still together. i mean, there are sometimes it's been reported there's been a little of annoyance about some of the requests that senator marco rubio has made to have more security but
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
. >> and if we can be freed from some of the regulatory burdens, this economy could take off, and so will the stock market. >> thank you, sir. join us tomorrow. "squawk on the street" begins right now. >>> good morning and welcome the "squawk on the street." i'm david faber with jim cramer and scott right here. carl quintanilla is off this morning, and afterf a 100-point rally, the fed is under the microscope as it begins, you know it, a two-day meeting. the futures are holding onto the gains and consumer prices up one point in may, and housing starts rose above street forecast, but we are looking for a higher open. >> yes. >> and a actually more defensive. looking at europe, a mixed picture, and you can see it on the continent there, but a lot of green on the map. start with our own road map starting with day one of the fed meeting as the market swings over almost any mention on the word of the word taper. president obama hints that ben bernanke could be on his way out. scott? >> and david, here is sony activist dan loeb asking for a second time to spin off the entertainment arm. th
is making out, you know, like a bandit and what i found is we basically had been living in two economies in this country for the last ten years. there's the economy where you and i know where people are hard pressed jobs are tight and money is tight and then there's the healthcare economy where everybody is doing really well except maybe the nurses and the doctors but the people that sell the equipment, the people that make the drugs, the people that run the allegedly nonprofit hospitals are all making ridiculous amounts of money. >> so you mean the doctors who spend 12, sometimes 15 years just preparing to be a doctor are making less money. >> far less unless they got in the system so they started a clinic where they can send patients or they're consulting for a drug company, they're not making the big bucks. the guys who make the cat scan equipment or the pharmaceutical sales men and executive, the hospital administrators, your local nonprofit hospital without even knowing it, i can tell you that the guy who runs your local hospital in little rock makes well over $1,000,000 and a half
to his improbable victory in a sluggish economy. and a lot of it had to do with the geek gap. and i detail that and also with obama's ability to craft a message and with romney's unbelievable level of dysfunction as a presidential candidate. >> michael: and aloofness too. you talk also about the madmen campaign of mitt romney. >> this was not my expression this was romney's chief strategist saying he was assembling a madmen team. these are ad guys from the '80s in boston, who worked on reagan's reelection campaign. so while romney was running a 20st century campaign, obama was running the first digital campaign of the 21st century, and that contrast -- everybody knows that obama did better on digital campaign i'm trying to show how. these geeks in what they called the cave in chicago, three professional poker players, child prodigy -- >> michael: wild stuff. >> to help re-engineer american politic politics. >> michael: and you had access to all of these folks? >> yeah, on both sides. midnight emails from romney's chief strategist to provide a 360 degree look
to be successful and in this marketplace. this global economy. >> the ceo and president of project lead the way is challenging americans to work collectively and in helping students excel in science and math. >> there are so many opportunities available for our students. if they understand what is necessary for them from a skills perspective. so what we do is we teach students how to apply math and science in rigorous way. >> with a background in urban technology he believes project lead the way is a gateway to helping impoverished kids. >> i grew up poor. and -- you know, i -- i remember, you know in high school, when i would drop out as a sophomore. i just remember the people that were so influential for me and in helping me understand that there was a better future. the worst thing that we can do for our children is to have low expectations. and not believe that they can succeed. in fact, they can. >> how can you change to make it better? >> awesome. think about how you can make it better. >> based on his own life experiences, he believes there's hope for every student from all background in
legally while bringing relief to a struggling economy. >> this bipartisan common sense bill will help the middle class grow our economy and shrink our deficits by making sure that every workinger in america practice plays by the same rules and pays taxes. >> senators introduced a bill that would bolster border security. the measure includes 700 miles of fencing along the u.s.-mexico border with the addition of tens of thousands of border agents. it also enforces a nationwide everify system and needs to be in place before illegal immigrants can apply for green cards. with all the support it has, there is still no guarantee this will fly through the senate before the fourth of july recess. >> this current bill is a mess. it is repeating the same failed pattern we saw in 1986. today instead of 3 million people, we're dealing with 11 million people who are here illegally. and what congress is saying is the exact same deal, which is legalization first and then they're promising maybe some day in the future the border will be security. >> senate leaders took a crucial test vote on this plan
recovering in the housing market or the economy overall, i don't think they will do anything. connell: not so much we have come to terms, it is just we don't think it is going to happen. you would remain pretty optimistic about the stock market. >> i am. it actually targeted june 11 and 12th. i thought the backdrop was going to be out of the german constitutional court hearing objections to the constitutionality of the european stabilization mechanism. it turned out to be japan. maybe underinvested crowds pay up for investment reasons, and in the process of putting in a pop that would put in the first decent pullback this year the july, august timeframe. connell: we will need to see some sort of decent pullback. where is that??% what is the intermediate topic you're talking about? >> $16.87 on an intraday print high, the other downside reversal day simultaneously you hit the upside reversal in the japanese yen against the u.s. dollar causing some issues. will try do trade backup to that high. if we turn down, you will get a premature turn back but we should make a slightly higher high and som
the detention facility at guantanamo bay, cuba. the latest data on the u.s. economy left something to be desired today. factory output barely rose in may, and consumer sentiment fell in june. wall street reacted with a friday sell-off. the dow jones industrial average lost nearly 106 points to close at 15,70. the nasdaq fell nearly 22 points to close at 3,423. for the week, both the dow and the nasdaq lost more than 1%. those are some of the day's major stories. now, back to judy. >> woodruff: today the city of detroit, and its creditors, were presented with a series of painful options. retired city workers were warned of significant cuts in pensions and health insurance and creditors were told the city won't be able to pay them back. the day started with an announcement that the government already defaulted on some debt. it got worse from there. ray suarez has the story. >> make the banks pay. >> suarez: a handful of protesters picketed outside the westin hotel this morning, while inside, detroit's emergency manager kevyn orr laid out a last-ditch plan to 150 creditors to accept pennies on the
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